Newslanes Media
Starbucks released its quarterly revenue report on November 2, 2023, for the third quarter of fiscal year 2024. The company reported revenue of $9.168 billion, up 12.49% year-over-year. Global comparable store sales increased 3%, driven by a 1% increase in average ticket price and a 2% increase in transactions.
Key highlights from the report:
- Revenue in the Americas increased 14.3% year-over-year, driven by a 4% increase in average ticket price and a 10% increase in transactions.
- Revenue in the International segment increased 9.3% year-over-year, driven by a 3% increase in average ticket price and a 6% increase in transactions.
- Global comparable store sales increased 3%, driven by a 1% increase in average ticket price and a 2% increase in transactions.
- Net earnings were $597.2 million, up 10.1% year-over-year.
Outlook for the fourth quarter and fiscal year 2024:
Starbucks expects to report revenue of $9.29 billion in the fourth quarter of fiscal year 2024, representing 10.6% year-over-year growth. The company also expects to report global comparable store sales growth of 2-3% in the fourth quarter.
For fiscal year 2024, Starbucks expects to report revenue of $39.69 billion, representing 10.6% year-over-year growth. The company also expects to report global comparable store sales growth of 2-3% for the full year.
Source: Starbucks Investor Relations website